Why Eloxx Pharmaceuticals (ELOX) Stock Is Soaring Tuesday

Eloxx Pharmaceuticals, Inc. ELOX shares are rocketing higher on Tuesday after Oppenheimer raised its price target from $50 to $55.

The Details:

Oppenheimer analyst Hartaj Singh maintained coverage on Eloxx Pharmaceuticals with a rating of Outperform and raised the ELOX price target from $50 to $55.

On Monday, Eloxx Pharmaceuticals announced the publication of "A Novel Class of Ribosome Modulating Agents Exploits Cancer Ribosome Heterogeneity to Selectively Target the CMS2 Subtype of Colorectal Cancer" detailing the preclinical data that demonstrate activity for ZKN-157 against subtypes of colorectal cancer.

"We are incredibly pleased with this publication, as it highlights the power of our TURBO-ZM platform to target the human ribosome to develop new potential therapeutics," said Vijay Modur MD, PhD, head of R&D of Eloxx.

According to data from Benzinga Pro, ELOX shares have been halted for volatility multiple times on Tuesday and are up over 115% on very heavy trading volume.  Over 30.4 million shares have been traded in the session, far surpassing the stock's 100-day average of  443.6 thousand shares.  

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ELOX Price Action: According to data from Benzinga Pro, ELOX shares are trading 116.6% higher at $8.47 at the time of publication.

Image: Shafin_Protic from Pixabay